RM-SYSTÉM»Události»CME announces the closing of its rights offering and refinancing of its 2016 notes

CME announces the closing of its rights offering and refinancing of its 2016 notes

02.05.2014 14:31
Hamilton, Bermuda – May 2, 2014 – Central European Media Enterprises Ltd. (“CME” or the “Company”) (NASDAQ/Prague Stock Exchange: CETV) reported that the previously announced rights offering closed today. Shareholders purchased 2,852,168 units in the rights offering, which includes the purchase by Time Warner Media Holdings B.V. (together with Time Warner Inc., “Time Warner”) of 2,229,644 units as committed by it under a standby purchase agreement. The remaining 566,299 units not subscribed for in the rights offering were purchased by Time Warner as part of their backstop purchase commitment. Time Warner also purchased 581,533 units in a separate private placement that closed concurrently with the rights offering. Also concurrently with the closing of the rights offering and pursuant to the term loan facility agreement between CME and Time Warner, Time Warner funded a loan to CME in the aggregate principal amount of $30.0 million that matures on December 1, 2017.

Pursuant to the rights offering, backstop purchase commitment and private placement, CME issued $400.0 million in aggregate original principal amount of 15.0% senior secured notes due 2017 and unit warrants to purchase an aggregate of 84,000,000 shares of its Class A Common Stock at an exercise price of $1.00 per share. CME applied net proceeds from these transactions of approximately $386.2 million and a portion of the $30.0 million term loan to redeem and discharge today the EUR 272,972,000 aggregate principal amount of its 11.625% senior notes due 2016.

In connection with these transactions, CME issued warrants to Time Warner to purchase an aggregate of 30.0 million shares of Class A Common Stock at an exercise price of $1.00 per share. Time Warner and CME also entered into a $115.0 million senior secured revolving credit facility agreement. Following the closing of these transactions, Time Warner's economic ownership in the Company is approximately 75.1% (after giving effect to the accretion of the Series B Convertible Preferred Stock through May 2, 2014).

In a joint statement Michael Del Nin and Christoph Mainusch, Co-Chief Executive Officers of CME, said: "We are very appreciative of the continued support demonstrated by Time Warner and our other shareholders. We are pleased with the results of the rights offering and the other financing transactions and believe that CME is now on much better footing as we work to continue building the value of our leading brands."

Jeff Bewkes, Chairman and Chief Executive Officer of Time Warner, said: "We are pleased that with our additional investment in the Company, CME's management can focus on executing its strategy across all of their core markets. We have full confidence in the management team to execute on its operational priorities."

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